Air Products and Chemicals, Inc. (APD) Balance Sheet
APD balance sheet, FY2025
September 30, 2025 · U.S. dollars$41.06B assets = $23.71B liabilities + $17.35B equity
Both columns are drawn to the same scale: what APD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
APD financial health
Current ratio1.38
Adequate · current assets cover current liabilities 1.38×
Debt / equity1.23
Moderate leverage · $1.23 of debt for each $1 of equity
Equity / assets36.6%
Balanced · of assets funded by shareholders
Cash / debt10.1%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles3.1%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
APD balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $18.03BFY2016 | $41.06BFY2025 | +9.6%/yr | |
| Total liabilities | $10.82BFY2016 | $23.71BFY2025 | +9.1%/yr | |
| Shareholders’ equity | $7.21BFY2016 | $15.02BFY2025 | +8.5%/yr | |
| Cash & short-term investments | $1.29BFY2016 | $1.86BFY2025 | +4.1%/yr | |
| Total debt | $6.22BFY2016 | $18.41BFY2025 | +12.8%/yr | |
| Net cash (debt) | −$4.93BFY2016 | −$16.55BFY2025 | −$11.6B | |
| Working capital | $1.03BFY2016 | $1.61BFY2025 | +$573.0M | |
| Book value per share | $33.04FY2016 | $67.41FY2025 | +8.2%/yr | |
| Current ratio | 1.32FY2016 | 1.38FY2025 | +0.07 | |
| Debt / equity | 0.86FY2016 | 1.23FY2025 | +0.36 | |
| Shares outstanding | 218.3MFY2016 | 222.9MFY2025 | +0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
APD assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
APD liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
APD debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
APD balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.86B | $2.98B | $1.95B | $3.30B | $5.80B | $6.36B | $2.41B | $2.98B | $3.68B | $1.29B |
| Cash & equivalents | $1.86B | $2.98B | $1.62B | $2.71B | $4.47B | $5.25B | $2.25B | $2.79B | $3.27B | $1.29B |
| Short-term investments | $0 | $5.0M | $332.2M | $590.7M | $1.33B | $1.10B | $166.0M | $184.7M | $404.0M | $19.9M |
| Receivables | $2.51B | $2.17B | $2.16B | $2.04B | $1.66B | $1.42B | $1.42B | $1.38B | $1.54B | $1.48B |
| Inventory | $776.5M | $766.0M | $651.8M | $514.2M | $453.9M | $404.8M | $388.3M | $396.1M | $335.4M | $255.0M |
| Other current assets | $679.7M | $444.1M | $436.8M | $431.6M | $466.5M | $504.8M | $399.9M | $333.3M | $323.6M | $1.29B |
| Total current assets | $5.83B | $6.36B | $5.20B | $6.28B | $8.38B | $8.68B | $4.62B | $5.08B | $5.88B | $4.32B |
| Property, plant & equipment (net) | $26.28B | $24.42B | $18.45B | $14.86B | $13.82B | $12.34B | $10.34B | $9.92B | $8.44B | $8.26B |
| Goodwill & intangible assets | $1.26B | $1.22B | $1.20B | $1.17B | $1.33B | $1.33B | $1.22B | $1.23B | $1.09B | $1.23B |
| Long-term investments | $5.38B | $4.86B | $4.62B | $3.35B | $1.65B | $1.43B | $1.28B | $2.29B | $2.42B | $2.51B |
| Other non-current assets | $2.31B | $2.72B | $2.54B | $1.53B | $1.68B | $1.38B | $1.49B | $654.5M | $641.8M | $1.71B |
| Total assets | $41.06B | $39.57B | $32.00B | $27.19B | $26.86B | $25.17B | $18.94B | $19.18B | $18.47B | $18.03B |
| Liabilities | ||||||||||
| Accounts payable | $1.44B | $1.45B | $1.21B | $1.12B | $736.8M | $546.2M | $528.2M | $594.6M | $659.5M | $578.8M |
| Short-term debt | $934.6M | $795.2M | $969.2M | $649.0M | $565.5M | $548.4M | $98.6M | $460.9M | $560.4M | $1.30B |
| Deferred revenue | $253.4M | $240.0M | $413.0M | $439.1M | $366.8M | $313.8M | $247.4M | $156.6M | $438.9M | $371.2M |
| Total current liabilities | $4.22B | $4.18B | $3.90B | $3.47B | $2.80B | $2.42B | $1.82B | $2.34B | $2.49B | $3.28B |
| Long-term debt | $16.95B | $13.53B | $9.43B | $7.09B | $6.88B | $7.13B | $3.23B | $2.97B | $3.40B | $4.92B |
| Lease obligations | $707.8M | $778.2M | $631.1M | $682.1M | $582.0M | $406.5M | — | — | — | — |
| Other long-term liabilities | $2.54B | $3.19B | $3.02B | $2.94B | $3.10B | $3.18B | $2.51B | $2.70B | $2.39B | $2.61B |
| Total liabilities | $23.71B | $20.90B | $16.34B | $13.49B | $12.77B | $12.73B | $7.55B | $8.00B | $8.28B | $10.82B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $1.25B | $1.09B |
| Retained earnings (deficit) | $17.56B | $19.55B | $17.29B | $16.52B | $15.68B | $14.88B | $14.14B | $13.41B | $12.85B | $10.48B |
| Treasury stock | — | — | — | −$1.98B | −$1.99B | −$2.00B | −$2.03B | −$2.09B | −$2.16B | −$2.23B |
| Accumulated other comprehensive income | −$2.09B | −$2.03B | −$2.45B | −$2.79B | −$1.52B | −$2.14B | −$2.38B | −$1.74B | −$1.85B | −$2.39B |
| Minority interest | $2.32B | $1.64B | $1.35B | $558.4M | $548.3M | $363.3M | — | $318.8M | $99.3M | $133.8M |
| Total shareholders' equity | $15.02B | $17.04B | $14.31B | $13.14B | $13.54B | $12.08B | $11.05B | $10.86B | $10.09B | $7.21B |
| Key figures | ||||||||||
| Total debt | $18.41B | $15.01B | $11.03B | $8.33B | $8.22B | $8.31B | $3.33B | $3.81B | $3.96B | $6.22B |
| Net cash (debt) | −$16.55B | −$12.02B | −$9.08B | −$5.03B | −$2.42B | −$1.96B | −$911.3M | −$836.6M | −$285.2M | −$4.93B |
| Working capital | $1.61B | $2.18B | $1.30B | $2.82B | $5.58B | $6.27B | $2.80B | $2.74B | $3.39B | $1.03B |
| Tangible book value | $13.77B | $15.82B | $13.12B | $11.97B | $12.21B | $10.75B | $9.84B | $9.63B | $9.00B | $5.98B |
| Book value per share | $67.41 | $76.47 | $64.27 | $59.07 | $60.85 | $54.34 | $49.88 | $49.17 | $45.89 | $33.04 |
| Shares outstanding | 222.9M | 222.8M | 222.7M | 222.5M | 222.5M | 222.3M | 221.6M | 220.8M | 219.8M | 218.3M |
| Current ratio | 1.38 | 1.52 | 1.33 | 1.81 | 2.99 | 3.59 | 2.54 | 2.17 | 2.36 | 1.32 |
| Quick ratio | 1.04 | 1.23 | 1.06 | 1.54 | 2.66 | 3.22 | 2.10 | 1.86 | 2.10 | 0.84 |
| Debt / equity | 1.23 | 0.88 | 0.77 | 0.63 | 0.61 | 0.69 | 0.30 | 0.35 | 0.39 | 0.86 |
| Equity / assets | 36.6% | 43.0% | 44.7% | 48.3% | 50.4% | 48.0% | 58.4% | 56.6% | 54.6% | 40.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $980.5M | $951.0M | $1.03B | $1.86B | $2.32B | $1.60B | $1.96B | $2.98B | $2.44B | $2.64B | $2.23B | $1.95B |
| Cash & equivalents | $980.5M | $951.0M | $1.03B | $1.86B | $2.32B | $1.49B | $1.85B | $2.98B | $2.38B | $2.54B | $1.96B | $1.62B |
| Short-term investments | — | — | — | $0 | $0 | $111.4M | $117.5M | $5.0M | $61.8M | $102.8M | $271.8M | $332.2M |
| Receivables | $2.60B | $2.66B | $2.65B | $2.51B | $2.79B | $2.55B | $2.45B | $2.17B | $2.31B | $2.44B | $2.50B | $2.16B |
| Inventory | $751.6M | $767.9M | $788.1M | $776.5M | $797.7M | $769.7M | $739.0M | $766.0M | $755.6M | $721.2M | $709.3M | $651.8M |
| Other current assets | $630.6M | $638.2M | $636.4M | $679.7M | $234.0M | $261.6M | $201.8M | $444.1M | $170.7M | $263.3M | $206.8M | $436.8M |
| Total current assets | $4.96B | $5.01B | $5.10B | $5.83B | $6.15B | $5.19B | $5.35B | $6.36B | $5.68B | $6.06B | $5.65B | $5.20B |
| Property, plant & equipment (net) | $25.79B | $27.61B | $27.07B | $26.28B | $26.62B | $25.00B | $25.75B | $24.42B | $22.46B | $21.00B | $19.91B | $18.45B |
| Goodwill & intangible assets | $1.24B | $1.24B | $1.27B | $1.26B | $1.27B | $1.17B | $1.15B | $1.22B | $1.19B | $1.20B | $1.24B | $1.20B |
| Long-term investments | $5.58B | $5.41B | $5.44B | $5.38B | $5.23B | $5.13B | $4.77B | $4.86B | $4.71B | $4.76B | $4.69B | $4.62B |
| Other non-current assets | $2.88B | $2.37B | $2.36B | $2.31B | $2.39B | $2.38B | $2.99B | $2.72B | $2.93B | $2.90B | $2.63B | $2.54B |
| Total assets | $40.45B | $41.64B | $41.24B | $41.06B | $41.66B | $38.87B | $40.02B | $39.57B | $36.97B | $35.92B | $34.12B | $32.00B |
| Liabilities | ||||||||||||
| Accounts payable | $2.47B | $2.38B | $2.48B | $1.44B | $3.06B | $3.42B | $2.66B | $1.45B | $2.72B | $2.32B | $2.29B | $1.21B |
| Short-term debt | $896.2M | $487.9M | $236.5M | $842.8M | $1.24B | $1.60B | $1.20B | $795.2M | $1.15B | $1.12B | $234.4M | $969.2M |
| Deferred revenue | $219.2M | $247.8M | $250.2M | $253.4M | $232.9M | $244.0M | $202.8M | $240.0M | $365.8M | $396.1M | $386.0M | $413.0M |
| Total current liabilities | $4.58B | $3.51B | $3.50B | $4.22B | $4.76B | $5.21B | $4.81B | $4.18B | $4.47B | $4.06B | $3.12B | $3.90B |
| Long-term debt | $16.77B | $17.27B | $17.30B | $16.95B | $16.46B | $14.25B | $13.27B | $13.53B | $12.88B | $12.50B | $11.87B | $9.43B |
| Lease obligations | $489.8M | $600.1M | $607.0M | $707.8M | $646.6M | $637.4M | $655.1M | $778.2M | $639.3M | $652.1M | $635.1M | $631.1M |
| Other long-term liabilities | $2.50B | $2.71B | $2.61B | $2.54B | $2.67B | $2.63B | $3.20B | $3.19B | $2.93B | $3.03B | $3.00B | $3.02B |
| Total liabilities | $23.85B | $23.49B | $23.40B | $23.71B | $23.89B | $22.09B | $21.28B | $20.90B | $20.29B | $19.59B | $17.99B | $16.34B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M | $249.4M |
| Retained earnings (deficit) | $16.30B | $17.84B | $17.84B | $17.56B | $17.95B | $17.64B | $19.77B | $19.55B | $17.99B | $17.69B | $17.51B | $17.29B |
| Accumulated other comprehensive income | −$1.99B | −$1.74B | −$1.98B | −$2.09B | −$1.97B | −$2.48B | −$2.59B | −$2.03B | −$2.39B | −$2.28B | −$2.12B | −$2.45B |
| Minority interest | $2.71B | $2.50B | $2.43B | $2.32B | $2.23B | — | — | — | — | — | — | — |
| Total shareholders' equity | $13.88B | $15.65B | $15.41B | $15.02B | $15.54B | $14.70B | $16.69B | $17.04B | $15.10B | $14.91B | $14.87B | $14.31B |
| Key figures | ||||||||||||
| Total debt | $18.16B | $18.36B | $18.14B | $18.41B | $18.34B | $16.50B | $15.13B | $15.01B | $14.67B | $14.27B | $12.74B | $11.03B |
| Net cash (debt) | −$17.18B | −$17.41B | −$17.11B | −$16.55B | −$16.02B | −$14.89B | −$13.16B | −$12.02B | −$12.23B | −$11.64B | −$10.51B | −$9.08B |
| Working capital | $388.2M | $1.50B | $1.61B | $1.61B | $1.39B | −$23.0M | $542.3M | $2.18B | $1.20B | $2.00B | $2.53B | $1.30B |
| Tangible book value | $12.65B | $14.41B | $14.15B | $13.77B | $14.27B | $13.53B | $15.54B | $15.82B | $13.91B | $13.71B | $13.63B | $13.12B |
| Book value per share | $62.32 | $70.21 | $69.14 | $67.41 | $69.71 | $66.02 | $74.89 | $76.47 | $67.78 | $66.97 | $66.75 | $64.24 |
| Shares outstanding | 222.8M | 222.9M | 222.9M | 222.9M | 222.9M | 222.7M | 222.9M | 222.8M | 222.8M | 222.7M | 222.8M | 222.8M |
| Current ratio | 1.08 | 1.43 | 1.46 | 1.38 | 1.29 | 1.00 | 1.11 | 1.52 | 1.27 | 1.49 | 1.81 | 1.33 |
| Quick ratio | 0.78 | 1.03 | 1.05 | 1.04 | 1.07 | 0.80 | 0.92 | 1.23 | 1.06 | 1.25 | 1.52 | 1.06 |
| Debt / equity | 1.31 | 1.17 | 1.18 | 1.23 | 1.18 | 1.12 | 0.91 | 0.88 | 0.97 | 0.96 | 0.86 | 0.77 |
| Equity / assets | 34.3% | 37.6% | 37.4% | 36.6% | 37.3% | 37.8% | 41.7% | 43.0% | 40.8% | 41.5% | 43.6% | 44.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 20, 2025); data from EODHD.
APD financial position
At the end of fiscal 2025 (September 30, 2025), Air Products had total assets of $41.1 billion (up 3.8% from a year earlier), total liabilities of $23.7 billion and shareholders' equity of $15.0 billion. It held $1.9 billion in cash and short-term investments against $18.4 billion of debt, net debt of $16.6 billion. Its current ratio was 1.38. In the latest quarter (ended June 30, 2026) total assets were $40.4 billion and equity $13.9 billion.
Related: APD income statement, APD cash flow statement, APD key metrics. See the APD stock overview for the latest quote and news.
APD balance sheet FAQ
What are Air Products's total assets?
Air Products reported total assets of $41.1 billion at the end of fiscal 2025 (September 30, 2025), compared with $39.6 billion a year earlier.
How much debt does Air Products have?
Air Products had $18.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.23.
How much cash does Air Products have?
Air Products held $1.9 billion in cash and short-term investments at the end of fiscal 2025; with $18.4 billion of debt that is net debt of $16.6 billion.
What is Air Products's book value?
Air Products's shareholders' equity (book value) was $15.0 billion at the end of fiscal 2025, or $67.41 per share.
What is Air Products's current ratio?
Air Products had current assets of $5.8 billion and current liabilities of $4.2 billion, a current ratio of 1.38 (it can cover its short-term obligations).
How much goodwill does Air Products have?
Air Products carried $1.3 billion of goodwill and intangible assets, 3.1% of total assets, at the end of fiscal 2025.